that is danielle dimartino booth .e are also following the supreme court news, it looks like justice stephen breyer is planning his retirement. if he does at this early enough in time to let the biden administration pick a new nominee, they could get that person confirmed before the midterms. that is the key timetable people are watching. we'll discuss that further when we come back. this is bloomberg. ♪ matt: here is president biden speaking after a meeting with ceo's. let's listen in. president biden: take universal pre-k. if we are designing our education system, we have talked about this before, i doubt anyone would think that 12 years is enough. so, what we do here is we want to have the best educated workforce. that is why universal pre-k will mean so much. and it also increases exponentially the prospect of that child being able to, no matter what their background is, get through 12 years of school and go on, almost half go on to a two-year or four-year college. and students show, these studies have been done by

i want to bring back danielle dimartino booth and nancy tengler.ancy, from the q&a session, what is your feeling here? does it feel like he is laying out a road map that we can trust? >> well it does but i'm shocked that he is saying in the background. he is saying rephrasing that phrase that got him into so much trouble before which is the balance sheet shrinking would be like watching paint dry. that is what markets really do not like. he said the phrase twice during the press conference. we know from experience that double tightening, shrinking the balance sheet concurrently with raising interest rates is not market friendly. charles: it's not. even when he was asked again maybe happening this summer he is really trying to push back, it feels, nancy, maybe he wants to let us know, they will try the best not to let it happen, maybe if it does it will be later in the year. 10-year yields spiking, dollar is higher. have you changed your mind, nancy, from the initial thoughts when the fomc decision was made? >> absolutely, charles. i long for the da

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a lot of questions not only about inflation but how the fed deals with this, let's bring in danielle dimartinoooth. danielle, the highest jump inflation since ebony and ivory topped the charts back in june of 1982. you probably don't remember that song. >> i can sing it, charles. charles: don't get me started. what does it mean with respect to the fed? i think jay powell maybe saw this number even higher number yesterday. >> i think he was anticipating the print especially when you take out food and energy which was even hotter than what was expected, what we saw this morning. this will put more pressure on him just not politically. we're in midterm election and within the federal open market committee on the federal reserve board. we have much more hawkish set of voters in 2022 than we did in 2021. we're already hearing them saying on march 16th, we need to be prepared and ready to go out with the first rate hike. rightly so given what happens on main street. charles: there is general consensus the inflation is peaking but what does it mean for the fed? everyone knows about tapering and even

i want to bring in quill intelligence ceo and former dallas fed advisor danielle dimartino booth.rying to give you a little time. minutes are out in a few moments, what initially strikes you? >> what strikes me the most even though nick timeros warned us in "the wall street journal" fed was not going to no-man's land talking about reducing the size of mammoth balance sheet that was reflected in the minutes. that is the biggest surprise to come out of today's minutes by far. we knew that the fed was committed to increasing the pace of its taper, to increasing size, the pace it would be pulling liquidity from the market. they have mentioned this program will be finished by march. that opens the door to a march 17th rate hike which federal reserve governor christopher wall hears been advocating for but third, talking about the size of that balance sheet and whether or not there will be run-off. people forget jay powell prior to the powell pivot in 2019 was dead set on shrinking the size of the fed's balance sheet to give it more flexibility. charles: to your point by the way, the mar

turn to dan get trued and ari air mesh and former dallas fed adviser daniel dimartino booth. nt to start with you, danielle. the administration's policies and fiscal spending sparked this 7% year-over-year inflation, right? >> it was. and i think that that's something that the administration needs to own up to. that last still the plus package that we had -- stimulus package that we had effectively poured gas lean on the fire, and we found -- a university of chicago study found that 1.5 million spouses drop out of the work force thanks to the child tax credit being delivered starting last july in cash. so the economy has suffered, and this has caused, you know, butter people in the work force, it's caused wage inflation which is a company's biggest line item, biggest expense to increase substantially. and this is trickling through the economy. we saw if you take out food services that retail sales adjusted for inflation yesterday droppedded to a 13-month low. so i don't know where they're getting this idea that we have a row bust recovery going on. inflation is eating american

joining me is quill intelligence llc, ceo, chief strategist, danielle dimartino booth. and strategic wealth partners investment strategist luke lloyd. thank you both for joining us. let me begin with you. danielle. inflation the number one job or task facing the administration and the fed for that matter, but mr. biden keeps wanting to spend, spend, spend. this is probably the worst time to be proposing that kind of spending, right? >> it is. we've actually already seen major fiscal backfires, for example, 10% of americans have seen their food assistance rise by 25% since october the 1st. look at any chart of food inflation and you see it has taken off like a hockey stick since then. pumping more money into the economy is harming those who can handle inflation the least. inflation is the most regressive tax. i applaud manchin, tester, sinema and other moderate democrats saying we need to step back trying to assess maybe this fiscal stimulus is actually doing more harm than good. biden needs to change his tune and try to figure out, you know what? let's try to tamp down i